Feb 16, 2010

Using PayPal in the Philippines

Congratulate me! This Filipino mom has just had her first successful Paypal transaction, to withdraw money I earned from Elance.

I've had this account for more than a year but never got to use it before because I didn't have a credit card.

You need a credit card to get verified at PayPal. If your account is unverified, you can receive money, but you can never withdraw the money from PayPal to your bank.

(Addendum: Here's a more recent article on how to get money out of PayPal if you don't have a credit card.)

So, I got myself a credit card just so I could withdraw my PayPal funds.

Routing numbers

Now the most important thing you need to know when you want to transfer your PayPal money to your Philippine bank account is your bank's routing number.

Here is a list of routing numbers that I got from http://pages.ebay.ph/bankwithdrawal/bank_codes_ph.html.


BANK NAME
9 digit bank code
ALLIED BANKING CORP
010320013
AUSTRALIA NEW ZEALAND
010700015
ASIA UNITED BANK
011020011
BANGKO SENTRAL NG PILIPINAS
010030015
BANGKOK BANK
010670019
BANK OF AMERICA
010120019
BANK OF CHINA
011140014
BANK OF TOKYO
010460012
BANCO DE ORO (& EPCIB)
010530667
BANK OF COMMERCE
010440016
BANK OF THE PHIL ISLANDS
010040018
CHINA BANKING CORP
010100013
CHINA TRUST COMML BANK
010690015
CITIBANK N.A.
010070017
DEVT BANK OF THE PHILS
010590018
DEUTSCHE BANK
010650013
EAST WEST BANK
010620014
EXPORT & INDUSTRY BANK
010860010
FUJI BANK
010640010
HONGKONG AND SHANGHAI BANK
010060014
INTL COMML BANK OF CHINA
010560019
INTL EXCHANGE BANK
010680012
JP MORGAN CHASE BANK
010720011
KOREA EXCHANGE BANK
010710018
INTL NEDERLAND BANK
010660016
LAND BANK OF THE PHILS
010350025
MAYBANK OF THE PHILS
010220016
METROPOLITAN BANK & TRUST CO
010269996
PHIL BANK OF COMMUNICATION
010110016
PHIL TRUST COMPANY
010090039
PHIL NATIONAL BANK
010080010
PRUDENTIAL BANK
010150018
PHIL VETERANS BANK
010330016
RIZAL COMML BANKING CORP
010280014
SECURITY BANK & TRUST CO
010140015
STANDARD CHARTERED BANK
010050011
UNITED COCONUT PLANTERS BANK
010299995
UNION BANK OF THE PHILS
010419995
UNITED OVERSEAS BANK
010270189

I've tried using the routing numbers given above for Metrobank, BDO, RCBC, and UnionBank, and they all worked.

How long and how much?

It took PayPal 1 day to change my withdrawal status in my PayPal dashboard from Pending to Completed.

"Completed" means that PayPal has sent out the money. It does not mean that the money has reached your bank.

It took 2 more days before the money was credited to my Metrobank account, and Metrobank deducted a service charge of, it seems, 76.7 pesos.

Note: BDO and RCBC deduct P200. UnionBank has a partnership with PayPal, so they don't deduct anything from your PayPal funds.

But remember that if you withdraw less than P7,000, PayPal will deduct P50 from your money before even sending it to the bank.

So I try to wait until I can withdraw P7,000, then withdraw to my UnionBank account, and I get the whole amount intact.

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